NEW YORK, N.Y. – U.S. stocks are moving lower in midday trading as technology shares slump again.
Video game store chain GameStop sank 7 per cent after reporting lower sales and income than investors were expecting. GameStop will also close 2 per cent of its stores.
Citigroup fell 6 per cent after the Federal Reserve denied the bank’s request to raise its dividend and buy back more stock.
The Standard & Poor’s 500 index fell seven points, or 0.4 per cent, to 1,844 as of midday Thursday. The index turned negative for the year.
The Dow Jones industrial average fell 37 points, or 0.2 per cent, to 16,231. The tech-heavy Nasdaq composite lost 32 points, or 0.8 per cent, to 4,140.
Bond prices rose. The yield on the 10-year Treasury note fell to 2.69 per cent.